More than half century survival in oil and gas industry is a record of work by Oil and Natural Gas Corporation Limited (ONGC). It was originated in the year of 1956 as a private sector company. Later, in the year 1993 the company was came to known as Public Sector Company. ONGC's habitual activities deals with exploration, development and production of Crude Oil, Natural Gas, LPG and some other value added petroleum products such as NGL, C2-C3, Aromatic Rich Naphtha and Kerosene. The company going along with two of its folds namely ONGC Videsh Limited (OVL) and Manglore Refinery & Petrochemicals Limited (MRPL) and ten of Joint Ventures/Associates. ONGC's Basins are totally seven in numbers, Western Offshore Basin (Mumbai & Baroda), KG Basin (Rajamundary), Cauvery Basin (Chennai), Assam & Assam-Arakan Basin (Jorhat), CBM-BPM Basin (Kolkata) and Forntier Basin (Dehradun) and ONGC has two plants situated in Uran and Hazira. The company covers five regions such as Mumbai, Baroda, Nazira, Chennai and Kolkata and also ONGC running eleven institutes for different specialisation in different locations.
During March 1999, ONGC, Indian Oil Corporation (IOC) and Gas Authority of India Limited (GAIL) both of three agreed to have cross holding in each other's stock to pave the way for Long-term strategic alliance amongst themselves for the domestic and overseas business opportunities in the energy value chain. The ONGIO International Pvt Ltd was incorporated in the year 2001 as 50:50 joint venture projects with Indian Oil Corporation Ltd with aim of providing Training, Consultancy & Services in Hydrocarbon Sector and later company has decided to wind up ONGIO due to loss. During 2001-02 the augment recovery from onshore fields of 13 projects 2 were resourcefully commissioned. By the end of the same year 2001-02 the company 's subsidiary unit ONGC Videsh Ltd commenced its commercial production of gas.
In the year of 2004 ONGC initiated Phase-I of a collaborative project on CBM in Jharia Field and successfully completed the same in 2005. During 2004-05 the company discovered its third deep-water exploration campaign 'Sagar Samriddhi' in Krishna-Godavari (KG) Basin at the location Vashistha (VA-1A) in block KG-OS-DW-IV. In the western offshore a shallow-water oil and gas was recorded in D-33, about 60 Kilometers South-West of Mumbai High, Onshore, Oil and Gas was found in Tiphuk-1 in North Assam Shelf and Oil was struck at Wamaj in Cambay Basin. Offshore, four new Platforms (2 Well Platforms, 1 Process Platforms and 1 Clamp-on) were Commissioned for enhancing production. New trunk pipelines are being laidsub-sea from Mumbai High Field to Urban Oil and Gas processing facility.
In March 2005 ONGC launched its retail marketing business with commissioning of its first autofuels outlet at Manglore under the brand 'ONGC Values' and 'Shopp'njoy' for fuel and non-fuel business respectively. The company has also received approval/license from the Government for marketing of non-subsidised LPG cooking gas, Kerosene and Aviation refueling sales. Tripura Power Development Company Pvt Ltd (TPDCL) was incorporated to set up a gas-based power-generating project in Tripura. TPDCL has been renamed as ONGC Tripura Power Company Pvt Ltd after the domination. In the same year the company has entered into various alliances in form of execution of Memorandum of Understanding with Kakinada Seaport & IL&FS with 26% equity stake for development of Port based SEZ at Kakinada, Andhra Pradesh. During the year 2006 the company was awarded 60 out of 110 exploration blocks by the Government in the five NELP rounds. Out of these 60 NELP Blocks 35 are in the form of unincorporated joint ventures and remaining blocks are company's 100% participating interest.
For the sake of its excellent concert, the company has received numerous awards every year. The highlights are NDTV Profit Business Leadership Award, Motilal Oswal CNBC TV18 Biggest Wealth Creator of India for the period of 2001-06, Golden Peacock Award 2006 for Corporate Governance in PSU category, is this award has been conferred to the company regularly. Dun & Bradstreet-American Express Corporate Awards 2006 in the oil and gas exploration sector and Greentech Gold Safety Award in petroleum sector apart from this, the company listed and ranked in Indian level also in global level by various evaluators.
ONGC entering the alternative energy segment with a Rs 1,200 crore-plus investment to generate 200 mw of wind power for captive use and the country's largest field, is all set to produce an additional 20.7 million tonnes of oil and 3.32 billion cubic metre (bcm) of gas with an investment of about Rs 5,713 crore in Mumbai High, the project envisages drilling of 86 infill wells. Five new well head platforms and six clamp-on structures are also planned. A new process platform bridge connected to the existing process complex ICP in Mumbai High South is proposed to handle the additional production. ONGC have future enhancement plans in all sector under the company, in that the production plans covers to develop Deep/Ultra Deepwater field and flow assurance issues, extraction by Twister Technology to produce about 16 TPD of condensate is conceptualized. Further, from the condensate fractionation scheme, production of about 1077 TPA of LPG and 3516 TPA of Naphtha is planned at coast of Rs.30.21 crores. Under the Drilling, formulation of polyamines enhanced High Performance Water Based Mud (HPWBM) system and integrated cementing solutions for HPHT Oil and Gas Wells and some other plans in above said categories and also under in Technology. The company being set up Rajiv Gandhi Urja Bhawan in Delhi for holistic research in Alternate Energy Sources. As on may 2008, part of the strategic alliance initiative, the ONGC proposed assignment of participating interest to BG Exploration and Production India Limited (BGEPIL), a 25 % participating interest in its Mahanadi basin deep water block, MN-DWN-2002/2.
In December 2009, the company entered into two broad enabling agreements with Iranian authorities for participation in development of gas fields and liquefaction facilities in Iran, in return for assured minimum 6 million tonne LNG per annum on long term basis. Also, ONGC Videsh entered into a non exclusive memorandum of understanding (MOU) to explore the possibilities of jointly studying and if mutually agreed, to participate in attractive oil and gas assets in Russia and third countries. In June 2010, Stealth Ventures Ltd entered into a Joint Study Agreement (JSA) with the company to evaluate emerging Unconventional Resource plays and opportunities in India. The objective of the JSA is to identify the unconventional resource plays within India, and a high priority has been given by both parties, to identify high growth profile shale gas and CBM prospects, on the basis of the large database available within ONGC. In December 2010, the company's subsidiary, ONGC Videsh Ltd signed a Framework Agreement on Cooperation in Hydrocarbon Sector in Delhi with Sistema, a public financial corporation in Russia and CIS.
The Government of India has decided to disinvest 5% paid up equity capital of ONGC out of Government shareholding.